207-unit apartment community sold in Waltham, MA
CBRE/New England Capital Markets team today announced the sale of Waltham Overlook, a 207-unit garden style apartment community located in Waltham, Massachusetts. CBRE/NE’s Simon Butler and Biria St. John exclusively represented the seller and procured the buyer, an affiliate of True North Capital Partners of Concord, Massachusetts.
“We are pleased to have facilitated the sale of Waltham Overlook on behalf of our client, which marked the successful conclusion to an ownership period that spanned a little over eight years,” said CBRE/NE’s Simon Butler. “At the same time, the investment offers True North a high-quality asset in a top-tier employment market with upside potential through their value-add program.”
Waltham Overlook was built in 1979 and was extensively renovated in 2009/2010. The 207-unit community is comprised of nine three-story garden-style apartments buildings, along with a community center. The apartments consist of a mix of one-bedroom and two-bedroom homes with an average size of 813 square feet and three separate floor plans. Community amenities include a fitness center, outdoor pool, grill area and sun deck.
The community is located in Boston’s dynamic Route 128 West/Mass Pike office market, home to numerous top-tier employers including companies such as Raytheon, Thermo Fisher, IBM, Dassault Systems, Fresenius Medical Care, Shire Pharmaceuticals, Global Partners and Vista Print, to name a few. Waltham Overlook is located close to several retailers including Starbucks and is just one block from Star Market supermarket, CVS, a variety of dining options and more. Additionally, Waltham offers some of the area’s best dining and nightlife along nearby Main Street and Moody Street. The Waltham Commuter Rail Station is approximately 2.5 miles from the property. The community also has outstanding access to both Interstate 95 (Route 128), Interstate 90 (Mass Pike) and Route 2, offering access to numerous different employment centers.
About CBRE/New England
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The company has approximately 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.
